Era of cheap oil ‘is over’ says Oil Minister Shaikh Mohammed

Bahrain Business

Tue, 04 Sep 2018

By Avinash Saxena

MANAMA: Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa has said that the era of cheap oil is over and even traditionally oil-rich countries like Bahrain now need to develop resources like heavy oil, tight oil and unconventional gas.
“If we need to employ technologies like fracking the costs are going to go up and therefore prices have to be at a level that sustains investment,” he said in an interview to CNBC on the sidelines of the 2018 edition of the World Heavy Oil Congress and Exhibition (WHOC) at the Oman Convention and Exhibition Centre.